HUATIE(603300) 光大证券·2025-03-05 03:45Investment Rating - The report maintains a "Buy" rating for Hainan Huatie (603300.SH) [1] Core Views - The company has signed a "Computing Power Service Agreement" with a total contract value of 3.69 billion yuan, expected to generate approximately 700 million yuan in annual revenue over five years [6] - The company is expected to see significant capital expenditures exceeding 2 billion yuan related to this contract [6] - Hainan Huatie's competitive advantage in the computing power leasing sector is bolstered by its strong balance sheet and the support from state-owned enterprises, which enhances its financing capabilities [7] - The company has a strong execution capability and local resources in Hangzhou, facilitating connections with major internet clients and access to technical talent [8] - The domestic high-end equipment leasing market is showing signs of recovery, with Hainan Huatie positioned to benefit from this trend [9] Financial Performance and Forecast - The company forecasts revenue growth from 4.44 billion yuan in 2023 to 7.38 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 18.53% [12] - Net profit is projected to increase from 801 million yuan in 2023 to 985 million yuan in 2026, with a notable growth rate of 25.18% in 2025 [12] - The earnings per share (EPS) is expected to rise from 0.41 yuan in 2023 to 0.50 yuan in 2026 [12] Valuation Metrics - The report maintains the price-to-earnings (P/E) ratio at 27 for 2024, decreasing to 19 by 2026, indicating a potential undervaluation as the company grows [12] - The price-to-book (P/B) ratio is projected to decline from 3.4 in 2023 to 2.4 in 2026, suggesting improving value for shareholders [12] Industry Context - The report highlights that Hainan Huatie is one of the early players in the A-share market to secure large orders in the computing power leasing sector, showcasing its resource advantages and execution capabilities [8] - The Hangzhou government is actively promoting the development of the AI industry, which is expected to benefit companies like Hainan Huatie involved in computing power services [8]